Dow touched 19,999.63 but a shooting at the Fort Lauderdale airport has left 5 dead with an American born suspect in custody. That somewhat stymied the market move and stocks have wandered laterally the past 3 hours.
NASDAQ and SP500 are at new highs, a solid development given SP500 flirting with that and NASDAQ having to show it still can move after that end of year stumbling. FAANG is really moving and giving NASDAQ its backbone. SP400, RUTX, SOX and of course DJ30 have not broken from their ranges.
SP500 9.83, 0.43%
NASDAQ 47.38, 0.68%
DJ30 81.69, 0.41%
SP400 0.02%
RUTX -0.19%
SOX 0.82%
Most sectors still look good, just not moving much. Oil is moving modestly, GS is breaking higher and we are looking at possibly picking it up. We did pick up some AMZN early on and it is working well. Overall, however, again the leading stocks look sluggish and that is still a concern with the bullish sentiment topping 60%. We closed out some positions with trailing stops that were not acting well along with HLIT with a stop. VMC needs to bounce but it is still in its pattern it is forming. Again, we may pick up some GS, even if it is Friday. Will see how it closes out.
Oh, and I will have a few things to say about the jobs report and the purportedly stellar wage growth. It is stellar -- for a small sliver of the country; the majority are barely seeing wages keep up with inflation, and that is the low measure of inflation the government keeps and reports versus the real inflation.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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